Julie Jones

I was prompted to write this blog in response to an email from one of the buyers I am currently working with who tells me, "Merely looking at these properties on-line leaves me with more questions than answers.". Of course, my response is to immediately work through the answers to provide the background information that these buyers need, especially in today's market, to plot a clear direction.

This simple email reinforced my opinion that the days of just emailing over a few properties and expecting to forge a relationship with a buyer are long gone. While the Internet provides all of the basic information, it truly is back to the art of salesmanship to provide the next level of data which will excite the buyer about the real estate opportunity and then provide enough of a comfort zone to encourage the buyer to view the property and see the value of the offering.

In my office, I offer waterway maps, community profiles, aerials, property tax guides, insurance resources, immigration resources, information on local schools and updated market analysis to guide buyers and provide the additional insight that is not available from the Internet. By going the extra mile and answering the questions that are not easily obtainable, I have the opportunity to build a relationship with the buyer. From there, I have the opportunity to stand out as the "Go To" broker for answers not found on the Internet.

I believe that both buyers and sellers are looking for direction from their real estate professional in terms of pricing their residence to sell or deciding whether now is the time to buy. Taking the extra time to create a relationship beyond a few quick emails helps determine these answers and brings confidence and satisfaction to all involved. This is how I believe lasting client relationships and referrals are made--just a few rewards from a job well done.

Happy Selling!

Julie Jones

julie@premierestateproperties.com

Listening to daily or nightly media coverage about our economy we hear key words bounding around such as, accountability, energy, negativity, leadership, confidence. The thought occurs to me that we all tune into the latest news on unemployment, the banking crisis, and housing initiatives because we really want to hear a return to stability so that lives can be put back on track.

I was studying the real estate sales figures for the two luxury communities in which I specialize here in Fort Lauderdale. Yes, the prices have adjusted downwards and the market time is appreciably longer. However, it is interesting to note that, in the search for market stability, the actual number of real estate transactions in most of the different categories have actually increased since 2006. Also, the inventory levels in some of the different luxury property sectors are actually down from 2006.

I analyzed the luxury market in excess of $1M by different water frontages, direct Intracoastal and point lot locations. The condominium market was somewhat distorted by the new construction in Fort Lauderdale which produced significantly more closed sales and higher inventory levels in 2008. It all made very interesting reading and did not paint the doom-and-gloom picture which currently prevails.

Can you find market stability in your area? If so, may I suggest promoting the figures and let your colleagues, buyers and sellers know. Let's do our share to break the irrational negativity that inundates our daily news. Small, positive statistic such as these infiltrating the market will help rationalize the bad news and start the climb back to achieve desperately needed stability.

Wishing you happy selling from my corner of paradise!

Julie

Over the last year I have shown many of my luxury listings to buyers who have genuinely asked, "Will you put me on your list for this property?"

After thinking about this request, which we all receive on a regular basis, I have the following advice for all of the buyers who are looking to take advantage of the incredible opportunities offered by the current real estate market in South Florida. Lists are great, they are a wonderful tool in preparation to take some action or make contact, or simply not to forget something important. The danger is, however, that the list gets forgotten or lost in the shuffle of daily activities.

However, to really be on the "A List" for a particular luxury property the solution is to put yourself on the list under no uncertain terms. Write an offer! By writing an offer you certainly go to the top of the list. You will not be forgotten nor overlooked because you have formalized your interest in the property and shown that you are a ready, willing and able buyer. Now, you are really on the list! Maybe the seller may not like the line items on your particular list but you may be surprised and find out that a meeting of the minds can be created and the requirements on your list met or at the very least, negotiated!

In this market, sellers are returning to the buyers who have made offers and in some instances, agreement is reached. So ensure that you are on the "A" list for the luxury property you are considering, and make that offer. As a broker with a go-to mind set I am encouraging the buyers I am privileged to work with not to make lists but to make offers. Most of them are pleased with the end result!

Wishing you the best from my corner of paradise!

Julie

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I was most interested to catch up with one of my previous buyers this week, and was pleasantly surprised to hear they were grateful for the purchase they made in 2007. When this delightful couple acquired their beautiful deepwater residence two years ago, they negotiated hard for the purchase price. This particular buyer is a venture capitalist, extremely thorough in his approach to real estate investing and accurately predicted the market downturn.

When I met with them they said that they still considered their real estate investment a good one in the current economic climate. They rationalized that although the luxury market in their area has depreciated by at least 20%, all of their other investments have adjusted downwards by approximately 40%. They also commented that they would like to take advantage of the current market and acquire additional property.

Hopefully there is growing recognition that despite the challenges and negativity which currently prevails there are those who consider their money still safely invested in good old bricks and mortar. There are also those who feel that they have made a real estate investment in a lifestyle which they are enjoying and able to maintain when other investments are so uncertain.

I believe that positive news such as this needs to be promoted. Feedback such as this also indicates how important it is to keep in touch with past customers, especially to share glad tidings. What a great opportunity to make contact with those customers, provide them with market updates, and in this case learn of their interest in investing in more real estate.

Is anyone else hearing good messages?

Happy Selling!

Julie Jones

After a week full of showings, emails, telephone conversations and meetings on my luxury inventory I found a whole new attitude surfacing--the re-emergence of a back-up contract. I am actively encouraging this activity among the sellers and buyers that I work with on a daily basis!

Oh, no. Already, I hear the chorus of, "What a waste of time....." Let's stop and think about whose time is being wasted. First of all, if you represent the seller and you are disclosing to the co-operating broker that there is a contract in place, then this is a good practice to ensure that your listing proceeds to closing. This is especially the case with declining buyer confidence and strict, somewhat volatile mortgage underwriting. That is assuming, of course, that the property has passed the inspection period without total re-negotiation of contract. So a back-up at this stage makes total sense.

Then, I think of the buyers within my care who also elected to write a back-up offer. After months of reviewing deepwater properties, they were in a position to move forward with their purchase and yes, you guessed it, the house of their dreams went under contract that very weekend! By writing a carefully structured back-up contract they felt that I was looking after their interests as buyers. They know that if the first place contract falls apart they have the potential to purchase the property. Why would anyone want to spend months working to identify the perfect purchase and then not complete the circle by at least attempting a back-up contract? If the back-up is not successful then you at least tried and the buyer can move forward knowing everything possible has been done. Plus, a kick-out clause enables them to continue searching in the meantime.

Realtor magazine produced by the National Association of Realtors dedicated an article to "The 11^th Hour Back-Out". This sites some of the reasons why offers made on a property and can fade away equally as quickly because of a change of heart, or a financing issue on the part of the buyer. This is especially the case with the short sale market when the buyers become disillusioned in the bank approval process.

Last minute snags with transactions as they approach the closing table are becoming common. I describe this as the critical "air traffic control" element of our business. Delayed closings just like flights are not unusual, especially if the financing requirements change in terms of FICO scores or debt-to-income ratios. Careful analysis of pre-qualification letters and overall qualifying of buyers is becoming even more paramount. Sometimes the flights are bumpy but the aircraft can still land with careful guidance, patience and skilled negotiation.

So, I am going to go the extra mile and provide a proactive, go-to attitude - it really doesn't take long to write up a back-up offer and the potential to increase your business and certainly improve your customer service is worth the effort!

Happy Selling!

Julie